Ninth session of renewal of maximums.
Source: Pexels
Author: Redaction
On 8 September, the ECB raised three key interest rates by 75 basis points. Since then, there has been a consecutive increase in the EURIBOR. In Portugal, the most used term for this interest rate is the six-month term, which, reached today 1.766% - 0.026 points more than the previous day. We remind you that the maximum values have never been so high as in the last 10 years, and it is increasingly difficult for families in Portugal to pay the monthly instalments on their mortgages.
Here is a practical example, taking into account the average figures for our country: a mortgage with an outstanding value of 150,000 euros, contracted with a 30-year term, a spread of 1.2% and a 6-month EURIBOR rate, will see its monthly instalment increase from 557.21 euros to 629.17 euros, reflecting an additional effort of 71.96 euros.
According to economists who follow the European Central Bank's policy of managing EURIBOR rates since the beginning of the year, "it is expected that the six-month Euribor will reach 2% even before the end of the year, reflecting the rise in interest rates at the next ECB meetings and the maintenance of this policy in 2023".
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